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(单词翻译:双击或拖选)
By Laura Adams.
I’m excited that the podcast had its two millionth download in February and even got some recent buzz on local radio stations and the evening news in the central Florida area where I live. Find a link to the interview video at moneygirl.quickanddirtytips.com—you may be surprised to see where I actually record the show!
This episode is about tax relief that’s coming soon for the majority of working Americans and their families.
Congratulations On Your Raise!
If you haven’t heard, the government is about to give you a raise. Yes, there’s a new tax credit on the horizon that’s going to mean more take-home pay for many Americans. Instead of issuing one, single stimulus1 payment check, Uncle Sam is going to “make work pay”. No, this isn’t retribution for the promotion2 you deserve but never got—it’s how your paycheck is going to give you some extra money!
The tax credit is typically going to be shelled out though payroll3 checks starting no later than April 1st. The benefit will be spread out over the remaining months of 2009. If you don’t have taxes withheld4 by an employer, you can also claim the credit on your 2009 tax return. The credit is refundable5, which means you get to take it even if you don’t owe any income tax.
How Much To Expect
This tax relief is part of the massive American Recovery and Reinvestment Act that became law earlier this year. It provides up to $400 for individual working taxpayers6 and $800 for married couples who file jointly8. Be aware that the credit is phased-out, or reduced, for individuals who have an adjusted gross income between $75,000 and $95,000. The phase-out for joint7 filers occurs when adjusted income is between $150,000 and $190,000. So if you earn more than $95,000 as an individual, or $190,000 as a couple who files jointly, you won’t qualify for the credit.
How to Get It
You don’t need to complete any paperwork to trigger this payroll withholding9 change. The IRS has issued new withholding tables for employers to use right away to figure the reduced amount of taxes that should be deducted10 from gross pay. However, you will need to claim the credit amount that you receive on your 2009 tax return that’s due in April of 2010. And as I mentioned, if you don’t have taxes withheld by an employer this year, you can claim the full credit on your 2009 tax return.
What, No Check?
Most of the people that I’ve talked to about this tax credit seem disappointed that it won’t come in one fat check. Doling11 out $400 in small increments12 from April 1st through the end of the year means a little over $10 a week in additional income. Not a lifestyle-changing amount, for sure. But the idea is that giving it out in small increments through reduced withholding will encourage taxpayers to spend it and therefore stimulate13 the economy. Behavioral economists14 know that when many of us receive a lump-sum check, we don’t spend it. We tend to see larger amounts as found money that provides us an opportunity to boost our savings15 or to pay down credit cards or other debt.
To Stimulate or Not
But here’s a tip if you’re determined16 to save those extra dollars: put them in your retirement17 account. If you’re eligible18 to contribute to a workplace 401(k), simply increase your contribution by $10 a week. If you’re eligible for a 401(k) but aren’t participating, get started (especially if there’s employer matching!).
And if you don’t have a 401(k), but do have earned income, it’s a great time to open an Individual Retirement Arrangement or IRA. Online brokerages such as etrade.com offer plans with no account minimums or annual fees when you sign up for e-statements. They give you access to stocks, bonds, exchange traded funds (ETFs), and thousands of mutual19 funds. Just $10 a week deposited in a retirement account instead of in your regular spending account can make a big difference in your savings over the years.
For much more information on planning and saving for retirement, check out Money Girl’s Guide to Retirement Planning, my newly released audiobook that’s on sale at Audible.com and in the iTunes store.
Don’t Make Work Overpay
Another tip I have about this tax credit is don’t get too much of it. If you have two jobs, for example, make sure they aren’t both calculating $400 in reduced withholding for you. If you have too little withheld, guess what? You’ll have to turn around and pay the excess back to the government at tax time. High earners could also find themselves having to give the money back if they take the credit but their annual adjusted income is too high to qualify for it. You can always submit a revised W-4 if you’re concerned about having too little taxes withheld from your pay. I’ll include a link to IRS Publication 919 which gives complete information about tax withholding. You’ll find even more resource links in the show transcript20 at moneygirl.quickanddirtytips.com.
For more, updated information about using the "Making Work Pay" tax credit to your advantage, please see this follow-up episode.
Administrative21
If you recently left me a voicemail, I’m sorry to say that it got cut off at the very beginning and I didn’t get to hear your entire message. I don’t want to miss your question or comment so please send it to。。。。。。
Chi-Ching, that's all for now, courtesy of Money Girl, your guide to a richer life.
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stimulus
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| n.刺激，刺激物，促进因素，引起兴奋的事物 | |
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promotion
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| n.提升，晋级；促销，宣传 | |
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payroll
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| n.工资表，在职人员名单，工薪总额 | |
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withheld
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| withhold过去式及过去分词 | |
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Refundable
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| adj.可归还的，可退还的 | |
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taxpayers
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| 纳税人，纳税的机构( taxpayer的名词复数 ) | |
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joint
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| adj.联合的，共同的；n.关节，接合处；v.连接，贴合 | |
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jointly
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| ad.联合地，共同地 | |
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withholding
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| 扣缴税款 | |
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deducted
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| v.扣除，减去( deduct的过去式和过去分词 ) | |
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doling
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| 救济物( dole的现在分词 )； 失业救济金 | |
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increments
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| n.增长( increment的名词复数 )；增量；增额；定期的加薪 | |
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stimulate
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| vt.刺激，使兴奋；激励，使…振奋 | |
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economists
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| n.经济学家，经济专家( economist的名词复数 ) | |
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savings
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| n.存款，储蓄 | |
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determined
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| adj.坚定的；有决心的 | |
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retirement
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| n.退休，退职 | |
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eligible
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| adj.有条件被选中的；(尤指婚姻等)合适(意)的 | |
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mutual
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| adj.相互的，彼此的；共同的，共有的 | |
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transcript
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| n.抄本，誊本，副本，肄业证书 | |
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administrative
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| adj.行政的，管理的 | |
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